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NDFARMER
1000+ Penny Miser Member
USA
1197 Posts |
 Posted - 03/24/2008 : 12:28:02
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Today I went in to my local small town credit union to put in my order for pennies for next week. I was sitting there waiting to talk to the teller I normally deal with and the president of the credit union came by and introduced himself and was real friendly and glad to meet me until I told him my name. Then the smile left his face and he said oh your the guy that deals in all the pennies. I said "yes thats me". He said that he no longer wanted me to bring in any pennies for deposit and that they would no longer be selling me anymore pennies. He pretty much told me that he does not want to see me come in the door again. I said that was fine with me there are plenty of other banks that want my business. I said I know the pennies create a little extra work for them, but that I was very happy with the service I had been getting and that it would lead to other business, such as house loan, car loan, etc. And I have some money in a savings account that I was going to transfer to his bank.
So I just walked over to the teller and closed my account and walked out. It did not bother me I have enough other banks that order for me and dump banks that are more than willing to take my zinc. My new dump bank has self serve coin machines at several of their branches. So I take 4 - $50.00 bags to each of three branches and drop $600.00 worth of zinc at least once a week. They even gave me a free gift for opening an account and they make very good homemade cookies to boot.
What I don't understand is that is their business, they are in the business of taking in money from people for deposit, and supplying people with money when they request it. If I am requesting to withdraw current circulating money weather it is a $100.00 bill or two $50.00 bags of pennies or depositing a $100.00 bill or two $50.00 bags of pennies I don't know how they can legally turn me down. If I can't get pennies from banks where else am I suppose to go?
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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 03/24/2008 : 12:32:43
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Credit Unions operate under different regulations than banks. They may not appreciate the volume in coins that you are doing since they often don't directly buy coins but rather rely on customers to supply them.
At least I've had two different CUs tell me this in the last couple of weeks.
But like you said, banks are a dime a dozen, so there's bound to be some out there who will work with you. |
Sorting In Northwest Mississippi |
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c140cessna
Penny Collector Member
USA
419 Posts |
Posted - 03/24/2008 : 20:20:58
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Here is how I roll:
Call the President and tell him that you have a new hobby - my new hobby is to bad mouth the hell out of his credit union every chance I get. I will actively seek out every one i know at my job, my church, my bar, my car club, the rotary, my investment culb....etc, etc, etc..and encourage them to not do business with your crap hole bank.
I have a serious a$$-hole gear that I can shift into when provoked.
Let him know that your new hobby will be 100X more costly than the minor costs of dumping and ordering a few pennies per week.
Have a nice day! |
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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 03/24/2008 : 20:23:23
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So long as there are plenty of other banks around I don't know how aggressive I would be towards the credit union. Like I said at a couple of credit unions I've talked to they don't even like order coins but make do on what customers bring in.
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Sorting In Northwest Mississippi |
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PennyProspector
Penny Pincher Member
USA
212 Posts |
Posted - 03/24/2008 : 20:29:45
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ND FARMER,
Good job... you are correct... just move on to another bank.
Making him fight only makes them dig in deaper and proove to his staff that he is in control.
I dont think that it is a credit union thing... just a personal choice from one banker to another, my largest supplier if loose coin is a credit union.
and I hope they continue to be.
PP |
Happy Prospecting! |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 03/24/2008 : 20:33:51
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Credit union or not he could have handled the situation a lot better. Too bad you closed your account because I would have appearded at their next public business meeting as a member and complained how I was treated by him in public.
I guess I'm not in a good mood tonight.
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Think positive. |
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knibloe
1000+ Penny Miser Member
USA
1066 Posts |
Posted - 03/24/2008 : 20:34:15
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| I like to dump my zincs when I pay bills. If they do not like my pennies what can they do? They cannot call my loan in early and they cannot refuse legal tender. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/24/2008 : 20:42:10
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They probably have one of those little signs posted somewhere that says "We reserve the Right to Refuse Service to Anyone" It could be that he sees you as a cost center. They are in the business of moving money, yes.. but they want to make a little profit on each of those transactions no matter which way the money is flowing. He sees you as just someone that is taking money out of his institution and not contributing to his bottom line. What if this hobby of yours caught on and half the people coming in just wanted to get pennies and deposit pennies? He would prefer not to have customers like us.. so he cut you off. It may be somebody higher up has been hammering him on controlling costs and your action was highly visible. I have been cut off from a few banks.. you just keep developing new sources and move on. You may want to send a letter to the Board of Directors telling them why you closed your account and how it seems a shame since you were just about to refinance your home and car. Maybe you can give him a little heat that way too. Though I have to say.. I kind of like c140cessna's new hobby idea.
I hope when you closed your account you asked for it all in pennies.. that would be going out in style! |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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Robarons
Penny Hoarding Member
USA
522 Posts |
Posted - 03/24/2008 : 20:45:24
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Thats whats interesting about credit unions. The ones I deal with arent that mean (yet) and really could care less about my pennies. I thought credit unions were non-profit, didn't have to cater to shareholders and you owned part of them if you held an account with them.
Oh well, they were most likely going to go solvent anyways if the 'coin problems' were casuing them trouble. I would hate to see the place if someone missed a car payment....
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Robber Baron= Robarons |
Edited by - Robarons on 03/24/2008 20:46:05 |
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CoinHunter53562
1000+ Penny Miser Member
USA
1805 Posts |
Posted - 03/24/2008 : 21:44:25
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quote:
They probably have one of those little signs posted somewhere that says "We reserve the Right to Refuse Service to Anyone" It could be that he sees you as a cost center. They are in the business of moving money, yes.. but they want to make a little profit on each of those transactions no matter which way the money is flowing. He sees you as just someone that is taking money out of his institution and not contributing to his bottom line. What if this hobby of yours caught on and half the people coming in just wanted to get pennies and deposit pennies? He would prefer not to have customers like us.. so he cut you off. It may be somebody higher up has been hammering him on controlling costs and your action was highly visible. I have been cut off from a few banks.. you just keep developing new sources and move on. You may want to send a letter to the Board of Directors telling them why you closed your account and how it seems a shame since you were just about to refinance your home and car. Maybe you can give him a little heat that way too. Though I have to say.. I kind of like c140cessna's new hobby idea.
I hope when you closed your account you asked for it all in pennies.. that would be going out in style!
I am in sales and I hate to say it but there are some customers not worth keeping for one reason or another. Some cost the company too much time and effort, and tie up resources that can be spent in other more profitable areas. Without knowing how much the original poster has in deposits there and so on, I can play devil's advocate and see their side of it. I think they could have handled it better, but I wouldnt dwell on it too much. It's a business decision. I have conversations like this with customers of mine from time to time, and I try to be as diplomatic as possible. Anyway, try to see things from their point of view and hopefully you wont be too upset about it. Like you said, there are plenty of other banks out there willing to order and take in your zinc dumps so go with them and forget about the credit union.
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My hobby: collecting real money 1 copper cent or nickel at a time.
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Epaphras
Penny Collector Member
USA
382 Posts |
Posted - 03/24/2008 : 22:32:02
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quote:
Originally posted by c140cessna
Here is how I roll:
Call the President and tell him that you have a new hobby - my new hobby is to bad mouth the hell out of his credit union every chance I get. I will actively seek out every one i know at my job, my church, my bar, my car club, the rotary, my investment culb....etc, etc, etc..and encourage them to not do business with your crap hole bank.
I have a serious a$$-hole gear that I can shift into when provoked.
Let him know that your new hobby will be 100X more costly than the minor costs of dumping and ordering a few pennies per week.
Have a nice day!
LOL haha, classic |
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PennyProspector
Penny Pincher Member
USA
212 Posts |
Posted - 03/24/2008 : 22:53:34
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quote:
Originally posted by HoardCopperByTheTon
I hope when you closed your account you asked for it all in pennies.. that would be going out in style!
LOL
HCBT, I have to admit... I am always learning from you!
I hope that none of my banks cut me off but I am glad I read this post b4 they do.
PP |
Happy Prospecting! |
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wheeler_dealer
Penny Collector Member
USA
402 Posts |
Posted - 03/24/2008 : 23:09:49
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I have two credit union accounts. Neither orders pennies as it cost the credit union $ each week. I take mine in and do an even exchange. I told the manager that I have extra rolls of pennies and would like to help them if they are ever in need. I like to exchange CWR's for my zinc.
Today I took a call from one of the banks I have been buying from and was informed that because I didn't have an account there I couldn't buy pennies anymore. We are getting together tomorrow to open an account and get the orders going again. Last week I had to open an account at one of
my other buy banks as I was approached by the manager and told they would have to cut me off without an account. After a $100. opening account balance I was back on the order list. I haven't tried yet however I am going to try a different branch where I just started the account last week to see if both branches will order for me. I plan to draw on my non productive credit union account to subsidize my penny ordering banks. I know i am costing the banks a chunk of change for ordering all these pennies. |
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cyberdan
Penny Collector Member
USA
289 Posts |
Posted - 03/25/2008 : 10:26:54
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quote:
Originally posted by wheeler_dealer
I know i am costing the banks a chunk of change for ordering all these pennies.
Probably not, one of my dump banks told me they have a contract with their armored carrier for so many pickups and dropoffs per week. As long as they do not go over that amount no problem and no extra costs.
Their new account brochure says I can deposit up to $10,000 per month in cash or coin at no additional cost. |
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WilliamC
Penny Collector Member
USA
471 Posts |
Posted - 03/25/2008 : 12:59:08
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quote:
Originally posted by cyberdan
quote:
Originally posted by wheeler_dealer
I know i am costing the banks a chunk of change for ordering all these pennies.
Probably not, one of my dump banks told me they have a contract with their armored carrier for so many pickups and dropoffs per week. As long as they do not go over that amount no problem and no extra costs.
Their new account brochure says I can deposit up to $10,000 per month in cash or coin at no additional cost.
$10,000 a month in coins eh? Sounds like you've got your work cut out for you.
Sort man, sort! |
Sorting In Northwest Mississippi |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 03/25/2008 : 14:34:42
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Should be no problem for Dan to generate that many zincs. I think his copper percentage is slightly below my 20%.
Does this bank have branches in Northern CA Dan? I want to turn in $10k a month. |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
Posted - 03/26/2008 : 00:42:55
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Credit unions are sometimes hit or miss, which is why I prefer to deal with banks since banks realize that if the customer isn't happy, the customer will take their money and business elsewhere, a thought that seems lost on some credit unions.
A sign I saw in a credit union's window-
Not for profit
Not for private benefit
For service
This exact same credit union is only open two days a week!
What is worse, one of those days it is only open from 9 to noon.
If a credit union customer wanted to cash a check or pay a bill in that credit union, they would be out of luck.
This credit union is located across the street from a Social Security office, I guess they opened up to get the federal employees accounts. |
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Today I got the boot !!!!!!
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